Enterprise Singapore announced on 30 April the appointment of 14 new Accredited Mentor Partners (AMPs) to the Startup SG Founder scheme, in their continuous efforts to groom startups in Singapore. The appointments took effect from 1 May 2020, bringing the total AMP partner network to 57.
The majority of these AMPs come from various deep tech industries including agritech and advanced manufacturing, and were were selected based on the quality of their programmes, the strength of their management teams, and their operational sustainability
In 2019, 74 startups received structured mentoring from 43 AMPs and were awarded grants amounting to S$2.22 million for their business development.
Ms Lim Seow Hui, Director of Startup Development at Enterprise Singapore, said, “The innovations and technologies developed by startups are key in pushing the boundaries on solutions available within the market. We have seen startups stepping up to find ways to tackle issues arising from COVID-19.
“In this current climate, it is therefore imperative that we continue to collaborate with and support startups in their growth by working with strong ecosystem partners, like our appointed AMPs, who have the right capabilities and networks to guide startups through this challenging period,” she concluded.
Startup SG Founder aims to provide mentorship and startup capital grants to first-time entrepreneurs with innovative business ideas. Appointed AMPs will identify eligible startups based on the uniqueness of their business concepts, feasibility of business models, strength of their management teams, and their potential market value. Successful applicants will receive advice, learning programmes and networking contacts from the AMPs.
These new partners have already been actively supporting the local startup ecosystem, with some assisting startups weather the storm of COVID-19 in their own ways. For example, Cocoon Capital, a newly appointed AMP, recently partnered Openspace Ventures and 500 Startups to aggregate all promotional activities offered by startups across Southeast Asia region under a single website, supportstartups.com.
Through the initiative, they hope to leverage the strength of the ecosystem to generate more business opportunities for the startups.
In response to COVID-19, Enterprise SG partners are using virtual platforms to continue mentoring startups, and organising online webinars to share insights on how entrepreneurs can cope with the current situation.